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Paper #156

Títol:
Boundedly rational credit cycles
Autor:
María Sáez
Data:
Febrer 1996
Resum:
We propose an evolutionary model of a credit market. We show that the economy exhibits credit cycles. The model predicts dynamics which are consistent with some evidence about the Great Depression. Real shocks trigger episodes of credit--crunch which are observed in the process of adjustment towards the post shock equilibrium.
Àrea de Recerca:
Finances i Comptabilitat

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